SP Group (SP) and Hyundai Motor have signed a Business Cooperation Agreement (BCA) to accelerate the adoption of electric vehicles (EV) in Singapore. SP will partner with Hyundai to jointly develop a new business model for battery leasing, or Battery-as-a-Service (BaaS) a first in Southeast Asia where EV users lease the car battery instead of owning it.
The collaboration includes a study on EV battery utilisation and improving the ownership experience for consumers, expansion of the EV charging infrastructure and development of new solutions for battery reuse and recycling to achieve carbon neutrality. SP and Hyundai aim to lower the initial cost of purchasing EVs, enhance the accessibility of charging points and build an ecosystem of innovative solutions that can encourage the adoption of EVs in Singapore.
Stanley Huang, Group CEO, SP Group, said, “SP has the largest fast EV charging network in Singapore and we are progressively expanding it to establish a highly pervasive and reliable network in order to encourage EV adoption. Through this partnership with Hyundai, we are making low-carbon mobility solutions more accessible to vehicle owners. EVs are a key pillar in SP’s strategy to introduce more low-carbon, smart energy solutions to help achieve Singapore’s sustainability goals.”
Hongbum Jung, Senior VP, Hyundai Motor Group, said, “For the success of innovation activities through the Hyundai Motor Group’s Singapore Global Innovation Centre (HMGICS), cooperation with competent local partners like SP Group is important. We will strengthen cooperation with various local partners starting with this cooperation.”
In October 2020, Hyundai announced the establishment of an open innovation base through a ground breaking ceremony for the HMGICS. Hyundai will step up efforts to expand the supply of electric vehicles in Singapore in cooperation with SP, which is expanding its network of charging infrastructure. Meanwhile, Hyundai is working closely with local universities, start-ups, and research institutes to build an innovative ecosystem in Singapore, including Nanyang Technological University for industry-academic cooperation in smart city and future new business areas, and PSA Cargo Solutions for the establishment of automatic logistics services.
